Is there a sub for posting pics of weird, disgusting, and crazy houses you come across? Real Estate |
- Is there a sub for posting pics of weird, disgusting, and crazy houses you come across?
- Thoughts on Corporate Real Estate Ownership "Damaging" Private Ownership
- RedFin estimate is pointless
- My mother and my aunt (who loathe one another) just inherited my grandparent's house 50/50. I'm being gifted my mother's half through probate and I'm trying to buy my aunt out. Help
- Are there loans for purchasing a home that needs full gut/remodel?
- Why or why not are you deciding to buy right now?
- Townhouse living question
- What are some upgrades for a higher end rental?
- Buying a new construction - When are costs added up/acknowledged for "upgrades"
- Loan officer hasn't replied in a week. Is this normal?
- Should I "fire" my Realtor or Did I Commit A Faux Pas?
- Offering on an old house - approx how much to redo electric? (CA)
- Judging build quality of a house
- Loan officer made a “human error”
- (Canada) consequences of non payment
- Where to set budget: max out or be frugal - does the calculation change in cities with high projected growth? Austin, TX
- Buyer’s broker rebate?
- Am I considered a first time buyer?
- Normal FTHB cold feet or something else?
- I have no idea what I’m doing. I’m an heir to a property that was just given to me three months ago. An investor is willing to buy it right away. How do I know I’m not getting the short end of the stick? The property has $100k still owed on it. The seller is offering me cash in hand of 67k
- Real Estate Express
- Advice on possibly buying a 2nd home, maybe a mistake?
- Buying our first home, lenders vs banks/credit union loans
| Is there a sub for posting pics of weird, disgusting, and crazy houses you come across? Posted: 26 Sep 2020 11:27 AM PDT Just came across a listing and in one of the mls photos their is a filthy toilet bucket sitting in the shower... There's gotta be a sub for this stuff, right? [link] [comments]  |
| Thoughts on Corporate Real Estate Ownership "Damaging" Private Ownership Posted: 26 Sep 2020 09:02 AM PDT I've been doing some light research into real estate with the hopes of one day buying a home instead of renting and have stumbled across some articles describing large investment firms buying properties and then renting them out at high rates. There are a lot of articles on this but here's a couple to describe what I'm talking about. https://nypost.com/2020/07/18/corporations-are-buying-houses-robbing-families-of-american-dream/ https://www.theguardian.com/us-news/2019/mar/26/blackstone-group-accused-global-housing-crisis-un Typically, when I read articles like this, the authors are appealing to your emotions and seem to leave out a lot of facts that would make their articles less "provoking". At the same time, if there is truth to this, it looks like a huge centralization of ownership in the housing market - I don't believe this is a good thing. I'm not advocating for "everyone gets a mortgage" but I'm also not a believer in true laissez-faire economics. It seems like, looking from a sellers perspective you would not want to be restricted to selling to the lower bidder if you could sell for a higher price to a real estate firm. From a buyer's perspective though, it seems the barrier to entry is getting higher because what would be affordable is being priced out by cash buyers who happen to be investment firms looking to rent what they have purchased. What am I missing here? Even with new construction, if supply were to increase, what would happen if investment firms were to just buy out most of the properties and rent them all out? This is sort of a stretch, I believe that ~10% of home purchases were from investors but what is stopping this percentage from increasing? Ultimately what I'm getting at is, what would be the argument against legislating certain restrictions on companies like Blackstone in order to promote home ownership being more distributed? Assuming that having home ownership being more distributed is better than it being centralized. [link] [comments]  |
| Posted: 26 Sep 2020 09:18 PM PDT They say themselves that the list price affects their RedFin estimate on homes. Almost every home I see has an estimate within 1 or 2K of the list price. What is the point of even giving an estimate if your just going to peg it to the list? [link] [comments]  |
| Posted: 27 Sep 2020 02:03 AM PDT Background: Both of my grandparents slowly died from alzheimer's disease. I lived with and took care them for 10 years. That's why my mother is being so cool about willing her half of the house to me. My aunt wants nothing to do with the house and 5 acres (that's going to have to be separated from the remaining 100 acres that will become a solar farm). So I just need to purchase her half. Having lived there, I know all the problems with the house. Plumbing, electrical, water damage to the ceiling drywall and attic, but I'm buying "as is" seeing as I can remedy most of it myself. But, the AC doesn't work... in Georgia... where it tops 100° regularly. Like I said, everything except for the AC, I'm ok with, but if I was a third party buyer I'd be knocking off thousands from any offers for these problems. This is where I need advice. Purchase price. Here's what's happened so far. My aunt hired a real estate agent to look at selling the house months ago. She looked around the house, probably checked some comps (this is a very poor rural area and it's hard to find comparable sales) and gave my aunt a figure of $120K list price. It's just not worth that, but oh well, that's just the list price anyway, right? Now it's time to make the deal, so I got started. I looked at the tax assessor's value and it seemed spot on, without penalizing for the defects. I'm paying cash so I made a very generous offer. The assessed value plus a little more than what the land is actually worth...$50K(that makes the house and land $100K total). My aunt hates my mother, but she and I have always been cool. I thought she would see my offer as a good faith jesture. I really wanted this deal to be as fair and transparent as possible. Well, she seemed insulted and turned it down saying she has a buyer willing to pay $120K, sight unseen. She's full of shit. I hired an appraiser and she insisted that she had already had an "appraisal" done. I explained the difference between the agent's valuation (duh, commission) and an official appraisal. At some point I said I wanted a unbiased, licensed, third party appraisal. Well, she got offended and questioned my use of the term unbiased. After all, she "wasn't even going to use the agent" (but she wants the whole $120K for herself?) and "the agent was new in town" and "they had never even met. How could she be biased?" You see where this is going. Anyway, I hired the appraiser and even let her accompany me to meet him. After a few days we had the result...my offer was off by $1000. My offer had been fair. I wrote her an email to let her know my offer was still good and she texted back "I'm holding out for $120K." She has no intention of listing it. And any third party buyer would never even offer what I did, especially if they had an inspection done. She desperately needs the money, but she's pissed because she's been planning on getting $60K in her hand before my grandmother even got cold. What should I do? [link] [comments]  |
| Are there loans for purchasing a home that needs full gut/remodel? Posted: 26 Sep 2020 06:34 PM PDT I have been looking at a house for sale in my area on a large piece of property and love the land.....and the house could be awesome too but needs pretty much everything. House was built in 1925 and currently vacant, old wood shake roof with old tarps, deteriorated porches, interior water staining etc. The home is on 20 acres and they want $400K I am no stranger to gutting and re modeling homes so that part of it does not worry me. The part im curious about is if there are any loans out there that I could get to purchase a home like this. Possibly a variation on a new construction loan that would allow me to add on and remodel the existing structure? I think the home would be too large of a project for a 203K rehab loan....those seem more like for cosmetic fixer uppers. The house would be worth in the neighborhood of $800K remodeled. I currently have about $200K in equity in my home so not enough to sell and purchase/do the work unfortunately. [link] [comments]  |
| Why or why not are you deciding to buy right now? Posted: 26 Sep 2020 09:25 PM PDT My husband and i have decided to make the jump into homeownership! I know there's a lot of back and forth about whether right now is a good time to buy or not but we've decided we're ready for a home and ultimately trying to time the market just doesn't matter. We live in LA proper and the market is insane. We're trying to stay patient but part of us just wants to throw in the towel and wait it out. Curious as to what is motivating others or making you wait it out! How is everyone coping with this crazy time?! [link] [comments]  |
| Posted: 26 Sep 2020 07:55 PM PDT I have lived in a single family house for 30 years. I am thinking of downsizing to a townhouse. Where I want to move all the townhouses are like 2 or 3 floors and attached in rows. I am worried about 2 things: the noise from the neighbors coming through the walls, and a neighbor who smokes. I like to sit out side, and even if I put a fence up if the neighbor smokes ( which is totally their right, it's my issue) the smell will drive me crazy because we're so close. If you live or have lived in a townhouse, can you please address these issues, and tell me anything else about the pros and cons of townhouse living? [link] [comments]  |
| What are some upgrades for a higher end rental? Posted: 26 Sep 2020 03:58 PM PDT Tenants just moved out after 6 years ;( and looking to do some upgrades This is my primary/rental I rent upstairs and live downstairs and looking to make the upstairs just a bit better. I just put in a new Bosch dishwasher, all new outlets (some with USB and others with built in night light) and switches. Kitchen and bathroom are pretty much up to standards. Rent is $2800 So, if you were to do some upgrades, what would they be? [link] [comments]  |
| Buying a new construction - When are costs added up/acknowledged for "upgrades" Posted: 26 Sep 2020 06:40 PM PDT Hi All, Recently I offered(and accepted) on a new construction. At the time, the foundation was down, but nothing else. Outside of the spec sheet, we are beginning to go through with contractors on how we want the house built. Today, I walked through the house with the electrician and builder(builder was just perusing the house), and I began to specify where I wanted outlets/plugs and what kind the spec sheet reads "Four telephone outlets, Four cable outlets, and two exterior electrical outlets are included. (Unless otherwise previously installed)." I decided not to go with any telephone outlets, but instead want Cat6 cabling/outlets ran through the house. Does the builder have to approve this work, or does it get done with a "blank check" and I will be responsible for the cost regardless? I also asked for an extended deck which I was given a rough estimate, irrigation (TBD for estimate), hardwood floor upstairs in hallway(was all carpet everywhere), and a few other changes. When are these costs actually calculated? Is it a blank check that automatically gets added to the initial offering price for the house, or is there something that needs to be signed to acknowledge the additional cost for items like this? Thanks for any advice. Just trying to get a better idea of what the total price will be. [link] [comments]  |
| Loan officer hasn't replied in a week. Is this normal? Posted: 26 Sep 2020 11:13 PM PDT There was a group email (with both buyer and seller lawyers, sellers agent, and myself) where she was asked a direct question pertaining to the deadline and she has yet to answer after a week. I asked her a question over text, a simple yes or no question, and she has not replied for a few days. The last thing I heard from her was when I sent her my documents and she said "okay, I'll take a look at it" and that was a week ago. We have attempted to call her a few times this week too just to see if something was wrong but no answer or call back. It's been radio silence. This same officer has helped my mother buy her own house, so we thought she was good. But its two weeks until the deadline and no response and I am freaking out. I know loan officers are absolutely swamped right now and don't have time to reply immediately to every little thing...but I feel like I am being ghosted right now and have no idea if she is even working on the mortgage. What would you do? [link] [comments]  |
| Should I "fire" my Realtor or Did I Commit A Faux Pas? Posted: 26 Sep 2020 11:05 PM PDT I didn't realize that this post would be this long, sorry for the long wall of text. I will be a first time homebuyer. So I recently moved to Florida and my parent's are allowing me to live with them for the time being until I can find a house. I decided to go with the agent that my parent's found at an open house, that would make an offer on a completely different property, (the one they live in now) since I am new to the state and don't really have anyone to give me a referral or advice on who to use. I am looking for a pool home and I am pre-approved for 200k (the number can be stretched to 220 with finagling but I'm not comfortable with this number based on my personal financials, so 200 is where I'm at). My buyer's agent said there isn't a whole lot on the market within my price range for what I want so it's slim pickings and the market is hot right now. That's understandable since interest rates are so low and people being stuck at home due to COVID. He has essentially given me an MLS link that doesn't seem to have a whole lot (for 3 different areas I was looking, it was 3, 5, and 7 homes so a total of 15). There were a lot that I found doing my own looking through Zillow, Realtor, Redfin, and Trulia, which did include some a little over my max amount. My thoughts are if for some reason it's listed long enough/the price drops or it's close enough to my max, we might have a chance at getting it. I've sent him 5 listings I saw, asking him what he thought. Any of them that were over max he said I would not be able to get due to the market being so hot. Ok, I guess. I decide to just keep looking (His MLS lists are basically worthless I feel). I then found one right in my price range, but just below max, and I send it to him and want to look at it since it had just hit the market that day. According to him, where the house was was in an area he wasn't the most familiar with but he knew a lady up there that is awesome and can show it to me. I told him I can show up right after work if we could, and he had the other lady call me. I tour the property, like it, and end up submitting an official offer at my max (it was a tad above their asking, so I wanted to make sure that I put everything I could an not be beat out by a few hundred dollars if that was the case). Well, I'm informed, by the lady I was referred to, the next morning that they received multiple offers at a considerably higher amount than mine and they went with another. I bet that had to be a record, selling within 24 hours of listing hah. Feeling a little sad but also "Eh, what can you do?" I decide to keep looking periodically while I'm at work. I found a house listed for 230k (my max is 200), has been listed for a week, and sent it to my agent (back to the male, this is in his area). He doesn't respond for 4 hours, asked how the offer went and if I heard back yet (even though in the text I sent him, I started off by saying that I was beat out by another buyer). I reiterated my message and he said he hadn't read it yet but saw that he had a missed call and a voicemail from me so he decided to call right away (right, like 4 hours later is "right away". A simple text back acknowledging my text/call and letting me know he was busy and would get back to me as soon as he could would have been appropriate, in my opinion). I bring the 230k home back into the conversation and he once again tells me it's out of my price range and that he was looking at some other homes at around 200k that don't have a pool, and some even being brand new built homes, and suggests I look at those with the possibility of adding my own pool afterwards. Honestly, I don't want to have to try to do that then possibly find out I can't build it. One horror story is my parent's bought their home and planned on doing just that, but also with an addition. It has been a nightmare for them and ground hasn't even been broke and they've been going around and fighting for a year now trying to get this work done. They even decided to cut ties with the original builder (or contractor, not sure what you would officially call them) and is trying with another. Long story short on that, there just seems to be a lot of extra costs and a terrible time just to do this, so I do not want to go that route. My parent's have even joked that I would be getting a pool home before them and they've only been trying for the past year or so. I let him know I didn't want to go that route based on my parent's experiences. He said it was a really crappy situation they're in but not all contractors are like that and he's sorry that it is causing them this much issue. I then asked if we would be able to set up a showing for the house and he said again that it was out of my price range and it would be a waste of time. I said that it's been on the market for a week so maybe it's a little overpriced for the area and we have a shot if I like it. (I do understand that offering 200k on a 230k listed house when its only been on the market for a week is a stretch.) He said he knows the sellers wouldn't even entertain an offer that low in this market. I told him it doesn't hurt to try, if they reject it, then we're back at square one, nothing gained, nothing lost. He responded that it would be a waste of time and paperwork. He then asked how long I've been in my line of work. I answered "A few years, why?" He replied "I don't know how to say this without coming across...I've been doing this for over 20 years and I know these people won't go down that far" Honestly, I wanted to reply "Did you fucking ask them already? Do you know their bottom line is? Huh, didn't think so." But I just said "valid point" because I didn't feel like arguing. Aside from the time it takes to do a showing, it takes like what, 20 minutes to do the paperwork and have it signed? The offer paperwork that I filled out for the other house was pretty much a fill in the blank sheet, it's not like it has to be re-written every time. Is that such a huge waste of time? At that point in time, he hasn't shown me a single property. I was kinda stewing when I went back to my desk and was telling my dad about the interaction. He suggested I just call the listing agent and ask if I can see the property, if only to see if it's even a place I would be interested in. I decided why the hell not, if I don't like it, I'll walk away like I planned. If I do like it, I'll see what they will accept. So I did so and set up a showing for the next day. My buyer's agent then sends me a text a couple hours after saying he set up a showing for the other property that's within my budget. I asked the listing agent if there were any offers on the property and she said there weren't. They had a few verbal desires but nothing official. I tour the property, wrote out a list of pros and cons, and I'm really interested in it. I toured the other one with my original buyer's agent late this afternoon. It's listed at like 194k but honestly with how much work and the updating it needs (and based on stuff the owner was rattle canning on the lanai and the two non-running cars out front, one in the driveway and one in the grass), I would only feel comfortable offering like 130k. I also feel like the owner was a DIY-er style guy and wouldn't trust he didn't ghetto-rig something together that I don't know about and it biting me in the ass later on. This property had been on the market for like 52 days already and my agent seemed to want me to give an answer right there if I wanted to make an offer and how much. He started saying he could probably get me a good deal by getting them down by 10k from asking (which like I mentioned, 130k is probably the most I would pay, also considering it's a 2 bedroom). To wrap it up, do you guys think I should "fire" him and did I commit a sort of faux pas by going around him and calling the listing agent directly to get a showing, or is he doing what's normal or a good job and I'm just not understanding his advice? I appreciate any feedback or comments/questions you guys may have. I'm not entirely confident in what I'm doing here, I'm nervous I'm really messing up here. [link] [comments]  |
| Offering on an old house - approx how much to redo electric? (CA) Posted: 26 Sep 2020 10:43 PM PDT Very cool house built in 68 but electric box looks super old and random wires are all over the place coming out of walls etc. Anyone have an idea how much it might cost to reword a house? 2000 square foot house in SoCal. Appreciate any info or advice! Roof also looks like it needs to be redone :/ [link] [comments]  |
| Judging build quality of a house Posted: 26 Sep 2020 03:10 PM PDT What should I look for to judge build quality of an house? Any resources would be helpful. Thanks [link] [comments]  |
| Loan officer made a “human error” Posted: 26 Sep 2020 06:23 AM PDT I've recently had an issue with my loan officer and not sure if there is anything I can do. Summary at the end. Last week, I spoke to D (current loan officer) before signing one of the documents needed on my new and first home in Florida. I noticed that the rate and loan amount were different from what we had discussed on the day I decided to put an offer in. This is a new construction so me, the lender and the new home consultant talked detailed numbers before signing the purchase agreement which were 10% down, seller credits cover closing costs, the low rate and about 3k left over that the seller credits didn't cover. The rate was better and the loan amount was based on a 5% down payment. I told D that I was told by the new home consultant and G (the original loan officer) that in order to get the deal agreed on I'd have to give 10% down since the lender would be able to cover more closing costs. D then told me that I didn't have to give more down than 5% unless I wanted to. After calculating the monthly payment together I realized it wasn't a big difference and agreed with him to keep the down payment at only 5%. I asked him twice to reassure me that this would not impact any of the terms agreed on especially the rate and closing costs. He reassured me again and even said that for closing maximum I'll need is "a few hundred dollars". I was obviously ecstatic and noticed that every document I signed from that point on continued to have the loan amount based on 5% down so I assumed we were on track. As the process continued and we got closer to closing I questioned him about the closing cost since the amounts did not add up to me. He reassured me that the numbers would work out in the end and that these were still estimates. I was a little skeptical but trusting since he's the expert. Eventually today, 5 days before closing, he sent me the closest estimate for cash to close based on the 5% down. The amount was at nearly 10k and not the "few hundred" I had been told the week prior. I questioned him about it and he said this was due to the seller credit limit since I'm doing 5 and not 10%. We then discussed all of our prior conversations and I explained that I was very upset by this because I specifically asked multiple times if the terms would change with the decrease in down payment and he reassured me they wouldn't and the loan amount remained the same after that. He apologized and said it was human error. If I wanted the higher seller credits then I'd need to raise my down back up to 10%. I am not trying to debunk everything D did, I had a great experience with him up until today so my point is not to discredit all he's done. However, considering the seriousness of this purchase I would like them to rectify the situation. At this point I am not sure I trust what has been done and believe I have the right to know every penny to be paid and where it is going. Is there anything I can do other than accept that he made a mistake? I've already sent the following details of what happened to the new home consultant who will be forwarding it to her VP because she was also very shocked that he would've told me all of this. TL;DR Loan officer told me I didn't have to give 10% down as per the original purchase agreement and would keep the same terms at 5% down. A week later admitted to human error saying he forgot about the seller credits being affected by the amount I put down. [link] [comments]  |
| (Canada) consequences of non payment Posted: 26 Sep 2020 09:32 PM PDT Here is the scenario I'm in. Recently put a firm offer on a house with a sizable deposit. The complete purchase of the house is based on the condition of selling my current house (and using that as my downpayment for the new house) My question is this: if I'm not able to sell my current house to pay for the new one, do I still technically have to pay for the new house or do I just lose my deposit? [link] [comments]  |
| Posted: 26 Sep 2020 08:33 PM PDT I'm looking to buy a house in 2021 in Austin, TX. It'd be nice if we weren't in such an insane seller's market at that point but who knows.... I'm in a year lease anyway. My thinking for a long time has been: be as frugal as possible. In the area I left, $300k seems exorbitant and I feel somewhat anchored towards that price, but Austin has higher COL. Based on the 1/3 rule of thumb, however, I should technically be able to afford something closer to $700k. When I used to see those kinds of budgets on house hunting shows, I would scream at the TV. It sounded absolutely nuts! It's really hard to break out of this mentality.... but I don't know if that's good or bad. I could get a house around $300k if I lived a good distance from the city (I'll be working downtown) and made some compromises. Maybe my quality of life would improve by getting a more expensive house, closer to work? But there's also a complication where the best schools appear at first glance to be quite far outside the city (in the areas I can afford anyway). On the one hand, homes are "not an investment". Considering maintenance (1-2%), interest (~3%), and property tax (~2%), and miscellaneous costs it feels like every extra dollar I spend is losing value at 7% a year or more. Which can't possibly match the historical appreciation. So I'm tempted to go very low. On the other hand, I noticed several fast growing cities have seen 100% appreciation over the last 8 years. Which is like 9% appreciation per year. Maybe that timespan is cherry picking, but in any case Austin seems to be very growing very fast for the foreseeable future. To be clear: I'm not looking to get rich off real estate, more just want to know if getting closer to the top of my budget is less wasteful because I'm in a growing city? [link] [comments]  |
| Posted: 26 Sep 2020 07:36 PM PDT Hi everyone! My wife and I are looking to buy a house in Minnesota and have found a broker who's willing to rebate us half his fee, roughly 1.5%. We've heard this may cause problems in financing because banks don't like you to get a payment from a party involved in the transaction. We personally don't need the cash in hand and would be happy sending it straight to the bank as an additional down payment, but we don't know if that's an option. The broker himself says he does this all the time (as a check directly to the buyer after closing) but we don't know if he means doing this in violation of mortgage policies, which would be uncomfortable. Has anybody else tried to get a broker fee rebate in the past, either successfully or unsuccessfully? Does it vary by state? The broker did say it was prohibited in some states but not in Minnesota. Fwiw, it would be about $10,000. Thank you! [link] [comments]  |
| Am I considered a first time buyer? Posted: 26 Sep 2020 07:32 PM PDT Hi there. I am confused as to where I fall in this situation and appreciate any insight. I'm married and my name is neither on the title nor the mortgage of our home. In our last home, my name wasn't on the mortgage either, but it was on the title. My name is also on the title as JTRS on my mother's property, but she has no mortgage. I want to purchase a vacation home and finance on my own without involving my husband. If I apply for a loan, am I considered a first time buyer? [link] [comments]  |
| Normal FTHB cold feet or something else? Posted: 26 Sep 2020 11:06 AM PDT We recently went under contract on a townhouse near the top of budget (not the top of our bank approval, just what we'd like to pay each month). I'm having second thoughts because even though it's an expensive $600k property, it needs a good bit of work, e.g. gutting both upstairs bathrooms, replacing windows, new flooring in the basement. Then we recently had an inspection that flagged even more expenses. I know it's an older house and will not be perfect -- but what is too much? The big ticket items are: (1) there is some buckling in the chimney and some separation between the house and chimney -- this might just need some mortar work or the chimney could need to be tied and (2) there might only be five years or so left on the roof -- an issue that's being magnified by one of the roof vents not working. The realtor estimated the chimney would be about $3-5k, and a new roof would be about $10k. Separately, the tenant seems crazy and threw a hissy fit about having to leave "her house" for the inspection. I'm concerned that she'll tear things up (inadvertently or not) when she moves out. The current owner won't have much incentive to care or withhold her security deposit for damages since he's selling anyway. The tenant is only moving about 2 days before closing, so I'm worried this could turn into a stressful last-minute mess. Am I just having normal first time homebuyer cold feet or is there real reason to be concerned? [link] [comments]  |
| Posted: 26 Sep 2020 02:29 PM PDT |
| Posted: 26 Sep 2020 05:39 PM PDT I'm a college student working on my real estate license this semester. I am currently doing the Real Estate Express online version but I find it to be so wordy. I'm contemplating blowing through the course and purchasing a crash course, watching Prep Agent, and studying a bunch. Has anyone who has done Real Estate Express found the courses beneficial? Or what would you recommend. I'm fine putting in the work just with my other classes I fear I'll run out of time. Thanks! [link] [comments]  |
| Advice on possibly buying a 2nd home, maybe a mistake? Posted: 26 Sep 2020 05:33 PM PDT Hi guys, long time lurker. don't post much. I am 30 years old and have a 11 month old baby, with plans to add to our famly in the next couple years. Unsure of when exactly that will be. We bought a home here in SoCal (OC area, highly desirable next to Disneyland) for around 662K in 2018... it is worth about 730 now and if we sold it, it could hit 750++. It is only 1477 square feet and we find it BEAUTIFUL but know it isn't our dream home, and it is slightly inadequate for our needs... although, not really. SoCal is crazy right now, with bidding wars going on for any desirable houses. We found a house in one of my childhood favorite areas of OC. The asking was around 1.15 million, but the agent was shifty and said that there was "maybe" an offer coming in for close to 1.2 million, which is 50k over asking price. My wife, agent and I decided to do 1.205, plus some furniture, and go from there. I have some concerns, though... I feel as though we are saving good money, making good headway, and are... well, FINE... seems like a waste to spend this much money on a single-family house instead of investing it. The property taxes also jump from 8K to about 14-15, even 16k... hard to tell, there are some special bond issues in the area, and it is an HOA ($60.00 per month). We already put in an offer yesterday, but the agent is doing the common practice of "we have four offers and the seller is considering and will get back with you tomorrow." My wife and I are seriously considering withdrawing our offer. Also, the November ballot initiatives could drive prices in California down, if they go sideways (Prop 15), and there could be a crash. Housing is so inflated here. The pros are that I stretched really hard to get my first house, the one I am in now, and we rose to the occasion, my income doubled because I worked harder...could it happen again? What do you guys think? [link] [comments]  |
| Buying our first home, lenders vs banks/credit union loans Posted: 26 Sep 2020 05:04 PM PDT Hello, I hope this is the right subreddit for this question. If not I'll remove it. My wife and I are looking to purchase a house for the first time in the DC/Metro area (houses will get on the market and then be sold in a matter of days, usually going for $15-30k above asking price). Our relator suggests we use a local lenders because credit unions/banks can't close on the loan in the short timespan. This was backed up by the previous relators we spoke with as well. Our friend strongly suggests we use a credit union that we have been a member of for years now to get our loan, as the percentage is lower and the only reason these relators are suggesting local lenders are because they are getting a cut of the profit. Is there any support for their school of thought? We want to ensure that we are getting the most competitive and beneficial outcome for ourselves as possible, since most houses are gone within a few days of being on the market. [link] [comments]  |
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